The medium-term loan agreement is with the European Investment Bank (EIB), and will allow Telecom Egypt to build 2,000 new towers and boost the capacities of existing towers.
Flavia Palanza (pictured: UNDP), the EIB’s director for EU neighbourhood countries, said: “This project will help accelerate large-scale investment in mobile networks and ensure affordable access to digital services in Egypt. The EIB identifies digital transformation as a catalyser for innovation, employment and sustainable economic growth.”
Adel Hamed, Telecom Egypt CEO, said: “We are very pleased to secure this new credit line with EIB after extensive deliberations, including the presentation of our functional plan to improve our mobile network’s scale, an objective that comes in line with the bank’s priorities for developmental projects.”
Thanks to the new loan, Telecom Egypt plans to provide broadband connectivity to the least populated areas, offer competitive and affordable services, and boost its position in the Egyptian telecommunications market, it said.
Hamed noted: “Telecom Egypt will capitalize on its multiple financial resources, newly awarded spectrum and rich portfolio of valuable products, among other factors, to continue serving its growing customer base and strengthen its competitive position in the Egyptian telecom market.”
Tobias Krause, deputy head of the European Union’s delegation to Egypt, said: “The EU aims to support Egyptian government efforts to secure resilient and affordable access to universal connectivity to the benefits of Egyptian citizens across the whole country. This project shows the commitment of our partners in the EIB, the EU’s lending hand, to support crucial inclusive digital infrastructure planning in Egypt.”
